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Colusa is a small, established community in the Sacramento Valley. Many longtime homeowners here have built significant equity over the years.
A reverse mortgage lets homeowners 62+ tap that equity without selling. No monthly mortgage payment is required while you live in the home.
62 years old
Minimum Borrower Age
Not required
Monthly Payments
Required
HUD Counseling
HECM or Jumbo
Loan Type
Move out or pass away
Loan Due When
Reverse Mortgages in Colusa
You must be 62 or older and live in the home as your primary residence. The home must be owned outright or have a low enough balance to pay off at closing.
Lenders also check that you can cover taxes, insurance, and upkeep. A financial assessment is required — it's not just about age and equity.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Colusa.
Colusa is a small, established community in the Sacramento Valley. Many longtime homeowners here have built significant equity over the years.
A reverse mortgage lets homeowners 62+ tap that equity without selling. No monthly mortgage payment is required while you live in the home.
You must be 62 or older and live in the home as your primary residence. The home must be owned outright or have a low enough balance to pay off at closing.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A handful of private "jumbo" reverse products also exist for higher-value homes.
Retail banks rarely offer these in smaller markets like Colusa. Working with a broker who shops wholesale lenders gives you more program options and better pricing.
HUD-approved counseling is mandatory before you apply. Don't skip it — it's genuinely useful and required for HECM approval.
We see borrowers choose a lump sum when they have a payoff or large expense. A line of credit often makes more sense for ongoing income needs.
A HELOC also taps equity — but it requires monthly payments and strong income to qualify. Most seniors on fixed income can't meet that bar.
A reverse mortgage has no monthly payment obligation. That's the core difference for borrowers living on Social Security or retirement income.
Colusa County's rural character means fewer local lenders specialize in reverse mortgages. That makes broker access to wholesale lenders especially valuable here.
Homes in agricultural areas can sometimes have property type issues. Farms, acreage, or outbuildings may complicate HECM eligibility — flag these early.
No monthly mortgage payments are required. You must still pay property taxes, insurance, and maintain the home.
Heirs can repay the loan and keep the home, or sell the property to settle the balance. Any remaining equity goes to the estate.
It depends on the property type and how it's classified. Pure residential parcels qualify — mixed-use or large acreage needs lender review.
Yes, for HECM loans it's a hard requirement. You'll meet with an approved counselor before the application moves forward.
There's no fixed number, but more equity means more proceeds. Enough must remain to pay off any existing mortgage at closing.
Eligible non-borrowing spouses have protections under HECM rules. They may remain in the home without the loan becoming due.